San Diego-based property owner Parallel Capital Partners Inc. has completed $2.5 million in improvements at The Elements at Wateridge, the company’s three-building office complex in Sorrento Mesa.
A company statement said Parallel recently signed new tenants including cyber security services provider Ntrepid, global marketing technology company Amobee Inc. and pharmaceutical firm Daiichi Sankyo Inc. to leases totaling nearly 40,000 square feet in newly refurbished space, in deals valued at more than $7 million.
The 278,787-square-foot property is at 10201, 10221 and 10241 Wateridge Circle and is now 86 percent leased. Led by CEO Matt Root, Parallel Capital Partners acquired the five-story buildings in 2014.
Tenants in the lease deals were represented by Zach Millrood and Shane Poppen of Hughes Marino and Steve Holland of JLL, with Parallel represented by CBRE Group Inc.’s Mike Hoeck, Ryan Egli and Matt Carlson.
For the renovations, Pacific Building Group was the general contractor and architecture was led by LPA Inc. and Hurkes Harris Design Associates.